How to Choose an Estate Planning Attorney

Estate planning, and more important, total Family Protection Planning, is a critical part of financial planning, but it is something that many Americans prefer to procrastinate about. However, drafting a will, health care proxy, and power of attorney are too important to leave to chance, says Next Avenue in the article “How to Find a Good Estate Planner.” An experienced estate planning attorney can help prevent critical mistakes and help you adjust your plan as circumstances change.

Here are a few tips:

Look for an estate planning attorney. An attorney who practices real estate law, family law, bankruptcy, criminal law, etc, is not going to be up on all of the latest changes to estate and tax laws. The reason is because the law has become so technical that the legal arena has become like medicine — VERY specialized.

Next, determine if the attorney deals with families who are in similar situations to yours. An attorney who works with family-owned businesses, for instances, will be more helpful in creating an estate plan that includes tax and succession planning.

Experience matters in this area of the law. The laws of your state are just one of the many parts that the attorney needs to know by heart. The estate planning attorney who has been practicing for many years, will have a better sense of how families work, what problems crop up and how to avoid them.You want a professional in this area. Believe it or not, hiring an amateur will cost you and your family tremendously in both money and anxiety over the long haul.

Ask about costs. Do not be shy. You want to be clear from the start what you should expect to be spending on an estate plan. Going in, you need to remember that GOOD estate planning is not cheap, and CHEAP estate planning is not good. So expect to pay more if you want it done right. The attorney should be comfortable having this discussion with you and your spouse or family member. Remember that the attorney will be able to understand the scope of work, only after they speak with you about your situation. What may seem simple to you, may be more complicated than you think. There is no such thing as one-size-fits-all. Can you  A professional estate planning attorney will customize your plan to you, your family, your finances and your goals and objectives.

If a trust is added, the fees are likely to increase. A trust can be used to avoid or minimize estate, capital gains and income taxes, avoid probate, help avoid guardianship, privatize your life, save on time and court fees and create conditions for the distribution of assets after you die. It can build in protections, both during life and after death, that a will legally cannot provide.  A trust is a fantastic tool for most families, and a good estate planning attorney will be able to educate you on all the pros and cons of using it as part of your plan.

Do not neglect to have the attorney create a financial and medical Power of Attorney form and any other advance directives you need. These vary by state, so you want these forms from your state of current residency. Make sure that you are comfortable with the attorney, how the practice is run and the people who work there—receptionist, paralegals and other associates at the firm are all people you may be working with at one point or another during the process. Before your first meeting, take time to check out the firm’s reputation. The internet has become a fantastic resource for doing this. Read the firm’s reviews to see what prior clients think about this organization. You will be sharing very personal information with the entire team, so be sure it is a good fit.

This is also not a one-and-done event. Having an estate plan is a lot like having a home—it requires constant care and maintenance. Every 3 – 5 years, or when large events occur in your life, you will need to have your plan reviewed. Make sure it’s reviewed by the attorney who helped you put it together or another professional estate planning attorney who knows what to look for.

Your estate planning attorney should become a trusted advisor who works hand in hand with your accountant and financial advisor. Together, they should all be looking out for you and your family.

Reference: Next Avenue (September 10, 2019) “How to Find a Good Estate Planner”